CIB busts up Banqiao gang behind forging of banknotes: source

　The CIB already sent the 11 suspects to the Banqiao District Prosecutors' Office for prosecution on charges of violating the Penal Act of Offenses Against National Currency.

　The No. 9 division of the CIB and Xinchuang Police Precinct, respectively, discovered the use of fake notes by a suspect surnamed Wu in December 2010 at a Linkou retail market, New Taipei City, making them jump to the conclusion that there should be a crime ring operating behind the scenes.

　Accordingly, Commissioner Lin De-hua (林德華) of the CIB instructed the No. 9 division to join forces with the Banqiao Prosecutors'Office and other local police precincts to set up an ad hoc investigation panel.

　Following one year of investigation, the task force finally busted a bank-note counterfeit ring headed by a man surnamed Pan and arrested all the 11 suspects involved in the criminal case after raiding their residences and offices yesterday, CIB said.

CIB officials said that the ring rented a farmland in Shengkang Township in central county of Changhua in 2009, and built a simple structure with galvanized-iron roof to carry out note-counterfeiting operations.

The officials said that Pan allegedly sold banknotes in the denomination of NT$1,000 to downstream accomplices at a discounted price of NT$350 for each note, and the accomplices then used the fake banknotes to make purchases at traditional retail markets or street vendors around the island, so as to complete “laundry” of the counterfeited banknotes. As a result, the ring raked in illegal profits of at least NT$10 million over the past two years.

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